Evercore Partners buys private funds biz from Neuberger Berman

Evercore Partners Inc. said Wednesday that it has purchased Neuberger Berman's Private Funds Placement Group as it looks to expand its advisory services.
APR 15, 2010
Evercore Partners Inc. said Wednesday that it has purchased Neuberger Berman's Private Funds Placement Group as it looks to expand its advisory services. Terms were not disclosed, but Neuberger will receive earnout payments. Evercore, an investment banking advisory firm, said the group will be renamed Evercore Private Funds Group. The placement group gives advice to fund sponsors on aspects of the fundraising process. Earlier this month Evercore returned to a fourth-quarter profit as its assistance on huge deals for Wyeth, Hearst and General Motors generated tens of millions in revenue.

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